August is a month for preparation and checkups. Fall is around the corner and families are preparing for the new school year. From vaccinations to eye exams, families carve out time to ensure everyone checks out.
Maintaining and monitoring good health can prevent unexpected problems. The same is true for small business owners and leaders. The life of a business depends on the wellness of the owner and key employees.
One of the best ways a company can provide some security and sustainability is through “Key Person” insurance. This is a life insurance policy purchased and owned by the company to cover their C-Suite employees in the event of an unexpected death.
If a key employee were to pass away suddenly, this policy would provide the company with financial means to ensure it continues to operate while searching for a replacement. In a small business this is usually the owner. The unexpected passing of a small business owner could mean the end of the business if there isn’t some sort of safety net. That is why life insurance is an important part of self-care for a business.
The same can be said for a family. Personal life insurance is essentially a Key Person policy. That financial buffer can cover expenses while the family members decide how to proceed.
It’s all about self-care and prevention. Take care of what is most important in your family or business – it’s health. At the same time, implement safety nets, like insurance, to prevent major disruption in the event of a sudden loss of life.